The HKMA has issued a circular requiring AIs and their subsidiaries conducting trust business in Hong Kong to comply with the Supervisory Policy Manual module TB-1 and the Code of Practice for Trust Business by June 1, 2023. A list of trustees who observe the Code will be published annually. AIs must report whether they or their AI subsidiaries conduct trust business in Hong Kong by submitting Form I, and AI subsidiaries must use Form II to report any changes in responsible officers. AIs must also use Form III to report any changes. If entities within AI groups want to be included in the List, they must complete Form A and Form B annually, and complete Form C for the notification of changes. The incident reporting form must be used to report any material non-compliance, major incidents, or other matters impacting the fitness or propriety of the trustee. AIs must have adequate policies, procedures, and controls to ensure AI subsidiaries’ reporting within the prescribed timeframes.
resource: https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2023/20230502e1.pdf